Is Housing Starting to Roll Over?
What’s in Today’s Report:
- Is Housing Starting to Roll Over?
- Oil Update and EIA Analysis
Futures are moderately higher as earnings continue to come in better than expected.
TSLA and UAL both posted better than expected earnings and UAL was very upbeat on travel spending and investors are viewing that as a positive macro-economic signal.
EU HICP (their CPI) slightly missed expectations (7.4% vs. (E ) 7.5% yoy), again hinting that inflation may be peaking.
Today will be a busy day with important Fed speak, economic data and earnings. The key event (potentially) is Fed Chair Powell speaking this morning and while he’s not likely to drop any surprises, it’s always possible. Economically, the key report today is the Philly Fed Manufacturing Index (E: 20.5) and markets will want to see stability in the data. We also get Jobless Claims (E: 175K) and Fed President Bullard (1:00 p.m) but they shouldn’t move markets.
On the earnings front, notable reports today include: T ($0.78), AAL (-$2.48), FCX ($0.88), PM ($1.48), UNP ($2.55), SNAP ($0.01), PPG ($1.13).
